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2018 Fiscal Policy

The Board of Trustees of the Kenosha Public Library adopts and makes public the following written policies.

Fiscal AuthoritySection 43.58 of the Wisconsin Statutes grants the Library Board exclusive control of the expenditure of all monies collected, donated, or appropriated to the Library. The Library Board approves the annual budget of the Library and delegates the responsibility for the management of Library monies to the Library Board Treasurer and Library Director according to this policy.

Accounting Policies

Basis of AccountingThe accounts of the Library are maintained on the modified accrual basis. All Library monies are considered part of the Library Fund or the Library’s Trust Funds. The Library Fund includes the General Fund, the Grant-Supported Projects Funds, -, the Contingency Reserve Funds, Internal Project Funds, and Enterprise Funds. Trust Funds include expenses and revenues connected with gifts and memorials donated to the Library. The Library’s fiscal year is the calendar year. All accounts of the Library shall be independently audited annually according to generally accepted accounting practices.

Deposit & Transfer of Funds and Assignment of InterestThe Kenosha Public Library maintains a checking account with JP Morgan Chase Bank, a collateralized interest bearing savings account with JP Morgan Chase Bank, and an interest bearing investment account with the State of Wisconsin’s Local Government Investment Pool. Monies held in JP Morgan Chase Bank checking account are for current expenses. To meet Library cash needs and maximize interest earned, the Library Board Treasurer or the Library Director or their designated Library Administration staff member is authorized to transfer funds among the accounts maintained by the Library. Interest is prorated as revenue to the Library’s various funds according to each fund’s proportion of the monthly balance of all funds.

Approval of Library ExpendituresMonthly, the Library Director prepares and presents to the Library Board a list of bills for approval. The Library Board Treasurer and Library Director or Assistant Library Director are authorized to make payment for budgeted expenses in advance of such approval in order to take advantage of discounts or to meet due dates. Such payments are ratified by the Board with the monthly list of bills. No draft on a checking account of the Kenosha Public Library is valid without the signatures of both the Library Board Treasurer and Library Director or Assistant Library Director, and only one of these signatures may be a facsimile.

The Library Director reports monthly to the Library Board on the year-to-date status of revenues and expenditures in the Library’s General Fund. The Library Director also presents a quarterly financial statement to the Library Board on the year-to-date activity and balance in each fund of the Library. Disbursement of Funds to the Kenosha Public Library Foundation

The Library Board may approve the disbursement of trust funds, bequests, or donations of $500 or more received or held by the Library to the Kenosha Public Library Foundation on the following conditions: 1) that such transfers take place only with the consent of the donor or the authorized representative of the donor’s estate, and 2) that such transfers require the Kenosha Public Library Foundation Board to agree that all transferred funds and any future interest or investment earnings from those funds be used exclusively for the intent and purpose stipulated by the donor or the authorized representative of the owner’s estate.

2016 Library Funds and Fund DescriptionsThe Kenosha Public Library maintains the following funds and groups of funds for the following purposes.

100 General Fund● for all general operating expenses and revenues of the Library

300 Trust Funds● for expenses and revenues connected with gifts and memorials donated to the Library

307 Friends of the Library Fund, for gifts authorized by the Friends of the Library

320 Kenosha Public Library Foundation, for gifts authorized by the Kenosha Public Library Foundation (opened January 1, 2018)

399 General Gifts and Memorial Fund, for gifts to the Library

500 Contingency Reserve Funds● for unexpected health insurance losses

501 Health Insurance Reserve Fund – At the end of each year, any monies budgeted in the General Fund for health insurance costs which remain unexpended shall be deposited in the Health Insurance Reserve Fund. When health insurance expenses in the General Fund exceed the amount budgeted for that purpose, monies from the Health Insurance Reserve Fund shall be used to pay those expenses.

700 Internal Project Funds● for expenses and revenues for projects not supported by general fund or external grants